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RBL Bank says the bank has full support of RBI; recent developments are not a reflection of bank's fundamentals
RBL Bank
RBI has appointed Mr. Yogesh Dayal as an Additional Director on the Board of the Bank for two years till December 23, 2023, or till further orders, whichever is earlier.
♦ RBI has appointed Mr. Yogesh Dayal as an Additional Director on the Board of the Bank for two years till December 23, 2023, or till further orders, whichever is earlier.
♦ The Board accepted the request of Mr Vishwavir Ahuja to proceed on medical leave and appointed Mr. Rajeev Ahuja (existing Executive Director of the Bank) as the Interim Managing Director & CEO of the Bank subject to regulatory and other approvals.
♦ The Board is grateful for the significant contribution of Mr. Vishwavir Ahuja towards the transformation of RBL Bank.
♦ The Bank and the current management team led by Mr. Rajeev Ahuja has full support from RBI.
Mumbai-based private sector lender RBL Bank on Sunday, December 26, 2021, said that the developments since the last two days are not on account of any concern on advances, asset quality and deposits level of the Bank. We want to allay any concerns any of you may have in this regard. The Bank has the full support of the RBI.
The RBL Bank Board has elevated an existing member of the management team to the interim MD & CEO role which should allay concerns on the strategy and smooth functioning of the Bank as well as the strength of the overall franchise. The management team of the Bank is also fully committed to Mr. Rajeev Ahuja to take the Bank forward.
It added that the developments are not in any manner a reflection on the fundamentals of the Bank. In its communication, the bank said, the business momentum and financial performance trajectory of the bank have been improving since the second quarter of this financial year (Q2FY22) as the bank recovered from the effects of the pandemic.
The private lender added, the bank has absorbed the challenge on its asset quality which was largely due to the pandemic and the financial position of RBL Bank remains robust. It added, its capital adequacy was 16.3 per cent and will be in a similar range this quarter. Liquidity Coverage ratios have been well above regulatory requirements – it was 155 per cent for the September quarter.
On asset quality, the bank's slippages peaked in Q2 and will be improving this quarter and next as the bank had guided previously. The NPA position of the Bank will also be on an improving trend. It pointed out that the bank has been upfront and transparent on any challenges that we have faced in our various business segments in the past.
It reiterated that there has been no change from what the bank has been communicating all along. On Growth, traction on advances is picking up while we continue to keep improving granularity on both advances and deposits.
Lastly, the bank remains on track to its guidance on earnings for the rest of the year with improved traction from FY23 onwards.
It can be noted that the Reserve Bank of India on December 25, 2021, appointed Yogesh Dayal, Chief General Manager, Reserve Bank of India, as an Additional Director on the RBL Bank Board for two years till December 23, 2023.
In addition, the Board of Directors of the Bank yesterday also accepted the request of Mr Vishwavir Ahuja to proceed on leave with immediate effect. The Board appointed Mr Rajeev Ahuja (currently the Executive Director) as interim Managing Director & Chief Executive Officer of the Bank with immediate effect, subject to the regulatory and other approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged.
